Comment posted in my blog
I don't see anything untoward with Dr Balakrishnan's comment/opinion to The Online Citizen. (Mr Tan) argues for a calm, accountable and high-trust environment in Singapore. Nothing wrong with that. In fact, if you think about it, these are the exact attributes that should help us seek redress in our case with the banks. If the FIs are made to be accountable for their ill-advised sales technique/process, isn't that we want?
Mr Tan is providing valuable leadership in this matter when all of us seem to be headless chickens running from pillar to post over our predicament. So, I am thankful for what he is doing and especially so when I understand he has no personal funds at stake since he has not invested in these toxic products.
Mr Tan's friend who advised him comes from the political arena, and so I can understand why he said to be careful. However, IMO the situation is not exactly translatable here - our investments are commercial transactions, between banks and customers. Singapore's very economic lifeblood depends on similar transactions each and every day.
There has now been allegations of mis-selling and mis-representations on the part of the banks. As long as we keep our demands for remedial actions, whether individually or collectively at an apolitical level, why should there be anything to fear?
If you were robbed on the street one dark night, do you fear to report to the police. The robber should be the one who should be fearful, not you!
We are the aggrieved parties in the current situation. Like Mr Tan said on Saturday, just state our own case honestly and in a straightforward manner. There is no need to politicise the situation. Neither is there a necessity to fling untruths and half-truths about - it may help you to rant and beat your chest, but why run the risk of legal action.
The important thing is, when the need arises, we must speak up. The simple inescapable fact is that if we do not, then we cannot complain that the remedies we sought are not given us.
Betsybug
Sunday, October 19, 2008
Petition #3 - Fair and equal compensation to all buyers
This Petiton is authored by Albert Tan (tan4tell@yahoo.com). It is addressed to Mrs. Lim Hwee Hua and ask her to get MAS to give fair and equal compensation to be given to all investors, regardless of age and language.
If you agree, please sign the Petition urgently, to be presented to Mrs. Lim for the Parliamentary debate this week.
http://www.petitiononline.com/FECTAB1/petition.html
If you agree, please sign the Petition urgently, to be presented to Mrs. Lim for the Parliamentary debate this week.
http://www.petitiononline.com/FECTAB1/petition.html
Onus of proof
An investor spoke to me at Speaker's Corner last night. He said that under the "Insider Trading Act", the onus of proof is now required for the accused to prove his innocence. (Note: I am not clear if this is actually the legal situation. I hope that a legal expert can confirm the situation).
He suggested that the same approach should be adopted for the mis-representation. It is clear that the credit linked notes are not suitable for the risk averse investors. He suggested that the financial insitution should be required to produce the evidence, from their records, that they have carried out the proper assessment. The financial insitution and/or its representatives cannot rely on the signed forms and disclaimers to justify their action.
I wonder if this approach can be adopted by MAS? It will help many of the vulnerable investors from the difficult task of lodging their complaint.
He suggested that the same approach should be adopted for the mis-representation. It is clear that the credit linked notes are not suitable for the risk averse investors. He suggested that the financial insitution should be required to produce the evidence, from their records, that they have carried out the proper assessment. The financial insitution and/or its representatives cannot rely on the signed forms and disclaimers to justify their action.
I wonder if this approach can be adopted by MAS? It will help many of the vulnerable investors from the difficult task of lodging their complaint.
Volunteers to write statement of claim
I wish to look for volunteers to help the investors write their statement of claim. There are a few thousand statements to be written. Some may see a lawyer, but the lawyers may not be able to cope with the volume of requests.
The statement will be based on the questions contained in section 1 of this paper:
http://tankinlian.blogspot.com/2008/10/general-advice-to-investors-of.html
If you volunteer, please send your particulars (i.e. name, e-mail address, telephone number, and postal code, language) to kinlian@gmail.com. I will put your particulars for the investors to contact you. I will also arrange a briefing to the volunteers on how to write the statement.
Please come forward to help.
UPDATE
Here are the volunteers
Soh Poh Huat, davidsph@singnet.com.sg, 96826130, PD 520341, English, Hokkien
Rachel Chung, rae.chung@gmail.com, 9846 6598
Yong Shan Chie, yongcons@singnet.com.sg, 96931951, PD 128712
APPROACH YOUR MEMBER OF PARLIAMENT
A few people have suggested that y ou can approach your MP and ask for his or her help to prepare your statement. You can follow the guidelines to make sure that the relevant points are covered.
http://tankinlian.blogspot.com/2008/10/general-advice-to-investors-of.html
The statement will be based on the questions contained in section 1 of this paper:
http://tankinlian.blogspot.com/2008/10/general-advice-to-investors-of.html
If you volunteer, please send your particulars (i.e. name, e-mail address, telephone number, and postal code, language) to kinlian@gmail.com. I will put your particulars for the investors to contact you. I will also arrange a briefing to the volunteers on how to write the statement.
Please come forward to help.
UPDATE
Here are the volunteers
Soh Poh Huat, davidsph@singnet.com.sg, 96826130, PD 520341, English, Hokkien
Rachel Chung, rae.chung@gmail.com, 9846 6598
Yong Shan Chie, yongcons@singnet.com.sg, 96931951, PD 128712
APPROACH YOUR MEMBER OF PARLIAMENT
A few people have suggested that y ou can approach your MP and ask for his or her help to prepare your statement. You can follow the guidelines to make sure that the relevant points are covered.
http://tankinlian.blogspot.com/2008/10/general-advice-to-investors-of.html
Jubilee Notes
Dear Mr. Tan Kin Lian
I am concerned about the lack of action or discussion about the Jubilee Notes that Merrill Lynch put together, allowed to default on the excuse that a single of the six highly regarded reference entities went broke, and left all investors with zero compensation.
Here we have a large Financial Institution that is still alive and sound, yet they seem to be getting away with doing everything wrong. They apparently sold off the instruments in question for next to nothing as there is no market at this time.
Yet, MAS seems to not even mention them, much less going after them. I would not be surprised, if the buyers of these instruments were able to sell them for good value to the US Government and pocket a handsome profit while we, the investors, get nothing.
Again, where is Singapore's regulation and supervision to ensure the good name of Singapore as a safe and well regulated Financial Hub is not placed in disrepute?
BM
REPLY
Please write to the trustee. Use this template:
http://tankinlian.blogspot.com/2008/10/jubilee-series-3-linkearner-notes.html
I am concerned about the lack of action or discussion about the Jubilee Notes that Merrill Lynch put together, allowed to default on the excuse that a single of the six highly regarded reference entities went broke, and left all investors with zero compensation.
Here we have a large Financial Institution that is still alive and sound, yet they seem to be getting away with doing everything wrong. They apparently sold off the instruments in question for next to nothing as there is no market at this time.
Yet, MAS seems to not even mention them, much less going after them. I would not be surprised, if the buyers of these instruments were able to sell them for good value to the US Government and pocket a handsome profit while we, the investors, get nothing.
Again, where is Singapore's regulation and supervision to ensure the good name of Singapore as a safe and well regulated Financial Hub is not placed in disrepute?
BM
REPLY
Please write to the trustee. Use this template:
http://tankinlian.blogspot.com/2008/10/jubilee-series-3-linkearner-notes.html
Suing for defamatory remarks
From www.theonlinecitizen.com
Even though Singapore is set to become a more open society in the future, the government is making no apologies when it comes to suing politicians for defamatory remarks, said Dr Vivian Balakrishnan, Minister for Community Development, Youth and Sports.
Speaking to the The Online Citizen (TOC) after the Kent Ridge Ministerial Forum held yesterday at the National University of Singapore (NUS), Dr Balakrishnan added that the government takes attacks on accuracy and integrity very seriously, because “establishing a high trust environment” is an advantage that gives Singapore an edge in a competitive global economy.
He said: “We don’t mind political openness, but we don’t want too much of the excitement. To the outsider, when they look at Singapore, they know that politics here is serious, it’s accurate, it’s real and accountable. It’s not a situation you get in other countries. We’re an outlier, but we are outlying because we want to keep our politics honest.”
MY COMMENT
When I announced that I would be speaking on the minibond issue at Speaker’s Corner (Hong Lim Green), a friend (who previously contested in the election under the Workers’ Party) sent an e-mail to me from Hong Kong. He advised me to be careful and not be say anything that is defamatory that could get me sued to bankrupcy.
He quoted incidences of candidates that were sued for statements that appear to be questioning something that is wrong. A few other people, including a lawyer, also warned me to “be careful”.
If I listened to their advice, I would not be saying anything. It is so dangerous to speak in Singapore. People are so fearful of saying something that can lead to being sued, even if they do not have any bad intent.
I had to look for someone to interprete my speech into Chinese. I asked many people to come forward. Some agreed first, and later declined. They cited “pressure from family members”. It was so diffiicult to get someone, even to interprete for me.
Is this the kind of society that our minister is so proud about? A society where people are fearful to speak up, in case they make a slip and get be sued till bankrupt? We should be ashamed of this sad state of affairs in Singapore.
Even though Singapore is set to become a more open society in the future, the government is making no apologies when it comes to suing politicians for defamatory remarks, said Dr Vivian Balakrishnan, Minister for Community Development, Youth and Sports.
Speaking to the The Online Citizen (TOC) after the Kent Ridge Ministerial Forum held yesterday at the National University of Singapore (NUS), Dr Balakrishnan added that the government takes attacks on accuracy and integrity very seriously, because “establishing a high trust environment” is an advantage that gives Singapore an edge in a competitive global economy.
He said: “We don’t mind political openness, but we don’t want too much of the excitement. To the outsider, when they look at Singapore, they know that politics here is serious, it’s accurate, it’s real and accountable. It’s not a situation you get in other countries. We’re an outlier, but we are outlying because we want to keep our politics honest.”
MY COMMENT
When I announced that I would be speaking on the minibond issue at Speaker’s Corner (Hong Lim Green), a friend (who previously contested in the election under the Workers’ Party) sent an e-mail to me from Hong Kong. He advised me to be careful and not be say anything that is defamatory that could get me sued to bankrupcy.
He quoted incidences of candidates that were sued for statements that appear to be questioning something that is wrong. A few other people, including a lawyer, also warned me to “be careful”.
If I listened to their advice, I would not be saying anything. It is so dangerous to speak in Singapore. People are so fearful of saying something that can lead to being sued, even if they do not have any bad intent.
I had to look for someone to interprete my speech into Chinese. I asked many people to come forward. Some agreed first, and later declined. They cited “pressure from family members”. It was so diffiicult to get someone, even to interprete for me.
Is this the kind of society that our minister is so proud about? A society where people are fearful to speak up, in case they make a slip and get be sued till bankrupt? We should be ashamed of this sad state of affairs in Singapore.
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